Wednesday, March 30, 2016

The Spanish green energy company Abengoa has filed for Chapter 15 bankruptcy protection in the U.S. after getting billions of dollars from the Obama administration to build solar power and biofuels plants.

Abengoa, which has gotten $2.7 billion in federal subsidies, filed for U.S. bankruptcy protection after already filing for bankruptcy in Spain. In U.S. bankruptcy court, Abengoa can get more favorable terms, such as "the so-called automatic stay that halts lawsuits and prevents creditors from seizing assets," according to The Wall Street Journal.

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